beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 3,052	$ 2,201
Cost of revenue	1,552	510
Total gross profit	1,500	1,691
Operating expenses:
Research and development	11,471	13,707
Selling, general and administrative	6,614	9,013
Restructuring	0	991
Total operating expenses	18,085	23,711
Loss from operations	(16,585)	(22,020)
Other (expense) income, net
Interest expense	(1,107)	(1,464)
Interest income	1,123	1,284
Change in fair value of derivative warrant liabilities	(2,583)	(873)
Change in fair value of earn-out liabilities	(1,621)	(281)
Total other (expense) income, net	(4,188)	(1,334)
Net loss before provision for income taxes	(20,773)	(23,354)
Provision for income taxes	0	0
Net loss	$ (20,773)	$ (23,354)
Net loss per share attributable to common stockholders-basic (in $ per share)	$ (0.14)	$ (0.19)
Net loss per share attributable to common stockholders-diluted (in $ per share)	$ (0.14)	$ (0.19)
Weighted average shares used in computing net loss per share attributable to common stockholders - basic (in shares)	151,855	124,778
Weighted average shares used in computing net loss per share attributable to common stockholders - diluted (in shares)	151,855	124,778

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (20,773)	$ (23,354)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,787	2,089
Stock-based compensation	2,991	1,703
Change in fair value of earn-out liabilities	1,621	281
Change in fair value of derivative warrant liabilities	2,583	873
Change in fair value of forward contract	0	1,100
Impairment of deferred offering costs	0	742
Accretion of available-for-sale securities	(855)	(506)
Amortization of debt issuance costs, commitment fees and accretion of debt end-of-term liabilities	298	391
Non-cash lease expense	391	379
Changes in operating assets and liabilities:
Accounts receivable	323	915
Prepaid expenses, other current assets and other assets	435	693
Deferred revenue	(214)	(402)
Accounts payable	334	(484)
Accrued expenses and operating lease liabilities	(2,060)	32
Net cash used in operating activities	(13,139)	(15,548)
Cash flows from investing activities:
Purchases of property and equipment	(5,493)	(4,804)
Purchases of available-for-sale securities	(27,287)	(38,528)
Maturities of available-for-sale securities	39,000	28,346
Net cash provided by (used in) investing activities	6,220	(14,986)
Cash flows from financing activities:
Payments of principal of notes payable	(3,045)	(1,798)
Proceeds from sale of common stock from sales through Common Stock Purchase Agreement	12,838	0
Proceeds from sale of common stock from sales through At-The-Market (ATM) Offering	11,031	0
Payments of offering costs	(174)	(107)
Proceeds from issuance of common stock upon exercise of stock options and warrants	60	751
Net cash provided by (used in) financing activities	20,710	(1,154)
Effects of exchange rate changes on cash and cash equivalents	(85)	(83)
Net (decrease) increase in cash and cash equivalents	13,706	(31,771)
Cash and cash equivalents - beginning of period	21,392	57,888
Cash and cash equivalents - end of period	35,098	26,117
Supplemental disclosures of other cash flow information:
Cash paid for interest	811	1,072
Non-cash investing and financing activities:
Capitalization of deferred costs to equity upon share issuance	52	13
Purchases of deferred offering costs in accounts payable	273	0
Purchases of property and equipment recorded in accounts payable	1,115	210
Purchases of property and equipment recorded in accrued expenses	0	120
Unrealized Gain (Loss) on short term investments	$ (18)	$ 238

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 35,098	$ 21,392
Available-for-sale investments	67,661	78,537
Accounts receivable	4,706	5,029
Prepaid expenses and other current assets	2,579	2,709
Total current assets	110,044	107,667
Property and equipment, net	44,610	44,483
Operating lease right-of-use assets	7,243	7,634
Other assets	218	129
Total assets	162,115	159,913
Current liabilities:
Accounts payable	3,822	5,772
Accrued expenses and other current liabilities	5,892	8,563
Deferred revenue	129	343
Current portion of debt	12,814	12,164
Current portion of operating lease liabilities	2,219	2,210
Total current liabilities	24,876	29,052
Debt, less current portion	6,496	9,894
Operating lease liabilities, less current portion	5,880	6,297
Derivative warrant liabilities	5,510	2,927
Earn-out liabilities	3,776	2,155
Total liabilities	46,538	50,325
Commitments and contingencies (Note 17)
Stockholders' equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding	0	0
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 165,310,938 shares issued and outstanding at March 31, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023	16	14
Additional paid-in capital	489,955	463,089
Accumulated other comprehensive income	138	244
Accumulated deficit	(374,532)	(353,759)
Total stockholders' equity	115,577	109,588
Total liabilities and stockholders' equity	$ 162,115	$ 159,913